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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
☒          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2024
 
☐           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from                          to                           
 
Commission File Number: 001-32663
 
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
(Exact name of registrant as specified in its charter) 
LOGO.jpg.jpg
Delaware88-0318078
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4830 North Loop 1604 West, Suite 111
San Antonio, Texas78249
(Address of principal executive offices)(Zip Code)
(210)547-8800
(Registrant's telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per shareCCONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at October 28, 2024
- - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - -
Common Stock, $0.01 par value per share489,078,425


CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
 TABLE OF CONTENTS
1

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)September 30,
2024		December 31,
2023
 (Unaudited)
CURRENT ASSETS  
Cash and cash equivalents$201,111 $251,652 
Accounts receivable, net495,807 499,811 
Prepaid expenses54,590 49,398 
Other current assets19,888 25,227 
Current assets of discontinued operations134,768 131,313 
Total Current Assets906,164 957,401 
PROPERTY, PLANT AND EQUIPMENT 
Structures, net463,238 467,261 
Other property, plant and equipment, net175,442 199,083 
INTANGIBLE ASSETS AND GOODWILL  
Permits, net 624,723 665,687 
Other intangible assets, net228,562 239,187 
Goodwill662,415 656,563 
OTHER ASSETS
Operating lease right-of-use assets1,538,452 1,491,302 
Other assets45,530 45,991 
Total Assets$4,644,526 $4,722,475 
CURRENT LIABILITIES  
Accounts payable$57,080 $63,587 
Accrued expenses322,589 385,620 
Current operating lease liabilities225,561 216,578 
Accrued interest121,757 97,671 
Deferred revenue102,799 50,882 
Current portion of long-term debt570 612 
Current liabilities of discontinued operations74,006 68,778 
Total Current Liabilities904,362 883,728 
NON-CURRENT LIABILITIES
Long-term debt5,656,821 5,631,291 
Non-current operating lease liabilities1,363,170 1,326,143 
Deferred tax liabilities, net219,610 231,481 
Other liabilities98,805 100,575 
Total Liabilities8,242,768 8,173,218 
Commitments and Contingencies (Note 6)
STOCKHOLDERS’ DEFICIT
Noncontrolling interests10,487 12,298 
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (502,934,711 shares issued as of September 30, 2024; 494,061,048 shares issued as of December 31, 2023)
5,029 4,941 
Additional paid-in capital3,583,401 3,563,807 
Accumulated deficit(6,942,252)(6,780,875)
Accumulated other comprehensive loss(226,537)(227,344)
Treasury stock (13,987,744 shares held as of September 30, 2024; 11,003,897 shares held as of December 31, 2023)
(28,370)(23,570)
     Total Stockholders' Deficit(3,598,242)(3,450,743)
     Total Liabilities and Stockholders' Deficit$4,644,526 $4,722,475 
 
See Condensed Notes to Consolidated Financial Statements
3
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)

Three Months EndedNine Months Ended
(In thousands, except per share data)September 30,September 30,
 2024202320242023
Revenue$558,988 $526,786 $1,599,281 $1,495,026 
Operating expenses:
Direct operating expenses(1)
284,601 271,377 827,063 790,206 
Selling, general and administrative expenses(1)
99,845 87,083 291,410 266,292 
Corporate expenses(1)
40,948 34,931 125,778 129,427 
Depreciation and amortization57,582 57,699 165,755 186,409 
Impairment charges— — 18,073 — 
Other operating expense, net3,684 6,179 9,745 10,122 
Operating income72,328 69,517 161,457 112,570 
Interest expense, net(106,995)(107,391)(322,060)(314,624)
Gain (loss) on extinguishment of debt— 3,817 (4,787)3,817 
Other income (expense), net(676)(17,269)(9,120)3,722 
Loss from continuing operations before income taxes(35,343)(51,326)(174,510)(194,515)
Income tax benefit attributable to continuing operations3,800 244 5,991 12,022 
Loss from continuing operations(31,543)(51,082)(168,519)(182,493)
Income (loss) from discontinued operations(13)(211,736)9,246 (152,326)
Consolidated net loss(31,556)(262,818)(159,273)(334,819)
Less: Net income attributable to noncontrolling interests984 672 2,104 880 
Net loss attributable to the Company$(32,540)$(263,490)$(161,377)$(335,699)
Net income (loss) attributable to the Company per share of common stock — Basic and Diluted:
Net loss from continuing operations attributable to the Company per share of common stock$(0.07)$(0.11)$(0.35)$(0.38)
Net income (loss) from discontinued operations attributable to the Company per share of common stock— (0.44)0.02 (0.32)
Net loss attributable to the Company per share of common stock — Basic and Diluted(2)
$(0.07)$(0.55)$(0.33)$(0.70)
(1)Excludes depreciation and amortization
(2)Due to rounding, the total may not equal the sum of the line items in the table above.
See Condensed Notes to Consolidated Financial Statements
4
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)

Three Months EndedNine Months Ended
(In thousands)September 30,September 30,
2024202320242023
Net loss attributable to the Company$(32,540)$(263,490)$(161,377)$(335,699)
Other comprehensive income (loss):
Foreign currency translation adjustments17,219 732 808 (5,345)
Reclassification adjustment for realized gains from cumulative translation adjustments and pension related to sold businesses(1)
— — — (67,648)
Other comprehensive income (loss)17,219 732 808 (72,993)
Comprehensive loss(15,321)(262,758)(160,569)(408,692)
Less: Comprehensive income (loss) attributable to noncontrolling interests6 (5)1 (3)
Comprehensive loss attributable to the Company$(15,327)$(262,753)$(160,570)$(408,689)
(1)Included in “Income (loss) from discontinued operations” on Consolidated Statements of Loss

See Condensed Notes to Consolidated Financial Statements
5
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
Three Months Ended
Common Shares IssuedNon-controlling
Interests		Controlling InterestTotal Stockholders’ Deficit
(In thousands, except share data)Common
Stock		Additional Paid-in
Capital		Accumulated
Deficit		Accumulated Other Comprehensive LossTreasury Stock
Three Months Ended September 30, 2024
Balances at June 30, 2024502,696,833 $9,559 $5,027 $3,576,566 $(6,909,712)$(243,750)$(28,267)$(3,590,577)
Net income (loss)984 — — (32,540)— — (31,556)
Release of stock-based awards and exercise of stock options
237,878 — 2 (2)— — (103)(103)
Share-based compensation— — 6,837 — — — 6,837 
Payments to noncontrolling interests, net(62)— — — — — (62)
Foreign currency translation adjustments6 — — — 17,213 — 17,219 
Balances at September 30, 2024502,934,711 $10,487 $5,029 $3,583,401 $(6,942,252)$(226,537)$(28,370)$(3,598,242)
Three Months Ended September 30, 2023
Balances at June 30, 2023493,857,081 $10,643 $4,939 $3,553,624 $(6,542,162)$(408,916)$(23,489)$(3,405,361)
Net income (loss)672 — — (263,490)— — (262,818)
Release of stock-based awards and exercise of stock options
152,770 — 1 (1)— — (77)(77)
Share-based compensation— — 5,060 — — — 5,060 
Payments to noncontrolling interests, net(63)— — — — — (63)
Foreign currency translation adjustments(5)— — — 737 — 732 
Balances at September 30, 2023494,009,851 $11,247 $4,940 $3,558,683 $(6,805,652)$(408,179)$(23,566)$(3,662,527)
Nine Months Ended
Controlling InterestTotal Stockholders’ Deficit
(In thousands, except share data)Common Shares IssuedNon-controlling InterestsCommon
Stock		Additional Paid-in
Capital		Accumulated
Deficit		Accumulated Other Comprehensive LossTreasury Stock
Nine Months Ended September 30, 2024
Balances at December 31, 2023494,061,048 $12,298 $4,941 $3,563,807 $(6,780,875)$(227,344)$(23,570)$(3,450,743)
Net income (loss)2,104 — — (161,377)— — (159,273)
Release of stock-based awards and exercise of stock options
8,873,663 — 88 (88)— — (4,800)(4,800)
Share-based compensation— — 19,682 — — — 19,682 
Payments to noncontrolling interests, net(3,916)— — — — — (3,916)
Foreign currency translation adjustments1 — — — 807 — 808 
Balances at September 30, 2024502,934,711 $10,487 $5,029 $3,583,401 $(6,942,252)$(226,537)$(28,370)$(3,598,242)
Nine Months Ended September 30, 2023
Balances at December 31, 2022483,639,206 $12,864 $4,836 $3,543,424 $(6,469,953)$(335,189)$(18,788)$(3,262,806)
Net income (loss)880 — — (335,699)— — (334,819)
Release of stock-based awards and exercise of stock options
10,370,645 — 104 (104)— — (4,778)(4,778)
Share-based compensation— — 15,363 — — — 15,363 
Payments to noncontrolling interests, net(2,494)— — — — — (2,494)
Foreign currency translation adjustments(3)— — — (5,342)— (5,345)
Disposition of businesses
— — — — (67,648)— (67,648)
Balances at September 30, 2023494,009,851 $11,247 $4,940 $3,558,683 $(6,805,652)$(408,179)$(23,566)$(3,662,527)

See Condensed Notes to Consolidated Financial Statements
6
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)Nine Months Ended September 30,
20242023
Cash flows from operating activities:  
Consolidated net loss$(159,273)$(334,819)
Reconciling items:
Non-cash operating lease expense200,288 231,102 
Depreciation, amortization and impairment charges
183,828 202,148 
(Gain) loss on classification as held for sale and disposition of businesses and/or operating assets, net
(6,580)91,866 
Share-based compensation19,682 15,363 
Amortization of deferred financing charges and note discounts8,715 8,788 
Foreign exchange transaction gain(4,256)(7,935)
Credit loss expense1,107 1,964 
Deferred taxes
(12,102)(1,706)
Loss or gain on extinguishment of debt and debt modification expense, net16,785 551 
Other reconciling items, net(83)(107)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable46,325 46,697 
Decrease (increase) in prepaid expenses and other operating assets1,575 (48,384)
Decrease in accounts payable and accrued expenses(74,082)(18,353)
Decrease in operating lease liabilities(211,742)(245,808)
Increase in accrued interest24,086 30,030 
Increase in deferred revenue19,897 20,773 
(Decrease) increase in other operating liabilities(3,690)6,308 
Net cash provided by (used for) operating activities50,480 (1,522)
Cash flows from investing activities:  
Capital expenditures(85,300)(112,565)
Payments for acquisition of businesses and/or assets, net of cash acquired(18,067)(12,140)
Net proceeds from disposition of businesses and/or assets
12,240 103,118 
Other investing activities, net(1,103)(962)
Net cash used for investing activities(92,230)(22,549)
Cash flows from financing activities:  
Proceeds from long-term debt1,657,000 750,000 
Payments on long-term debt(1,635,364)(683,277)
Debt issuance and modification costs(20,462)(12,457)
Taxes paid related to net share settlement of equity awards(4,800)(4,778)
Payments to noncontrolling interests, net(3,916)(2,494)
Net cash (used for) provided by financing activities(7,542)46,994 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(750)3,045 
Net (decrease) increase in cash, cash equivalents and restricted cash(50,042)25,968 
Cash, cash equivalents and restricted cash at beginning of period260,541 298,682 
Cash, cash equivalents and restricted cash at end of period$210,499 $324,650 
Supplemental disclosures:  
Cash paid for interest$297,118 $283,746 
Cash paid for income taxes, net of refunds$11,349 $8,711 

See Condensed Notes to Consolidated Financial Statements
7
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – BASIS OF PRESENTATION
Principles of Consolidation
These consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its subsidiaries, as well as entities in which the Company has a controlling financial interest or for which the Company is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries.
Preparation of Interim Financial Statements
The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements, and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year.
Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures required by GAAP for annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, the financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 26, 2024.
Use of Estimates
The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Presentation Changes
Certain prior period amounts within the “Cash flows from operating activities” section of the Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation.
Discontinued Operations
As described in the Company’s 2023 Annual Report on Form 10-K, during the third quarter of 2023, the Company’s plan to sell the businesses comprising its Europe-South segment met the criteria to be reported as discontinued operations. In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations are reported as a separate component of “Consolidated net loss” in the Consolidated Statements of Loss, for all periods presented. Cash flows from discontinued operations are not reported separately in the Consolidated Statements of Cash Flows.
Refer to Note 2 for additional discussion of discontinued operations. All other notes to these consolidated financial statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.
NOTE 2 – DISPOSITIONS AND DISCONTINUED OPERATIONS
In 2023, the Company sold, or entered into an agreement to sell, its businesses in Switzerland, Italy, Spain and France, which comprised the Company’s entire Europe-South segment, as follows:
•On March 31, 2023, the Company sold its business in Switzerland for cash proceeds of $84.9 million (net of direct costs to transact the sale and cash sold) and recognized a gain on sale of $96.4 million.
•On May 31, 2023, the Company sold its business in Italy for cash proceeds of $4.3 million (net of direct costs to transact the sale and cash sold) and recognized a gain on sale of $11.2 million.
•In May 2023, the Company entered into an agreement to sell its business in Spain to a subsidiary of JCDecaux SE. Since that time and as of September 30, 2024, the transaction was expected to close in 2024. However, on October 28, 2024, the subsidiary of JCDecaux SE terminated the agreement after deciding to withdraw its regulatory filing with the Spanish National Markets and Competition Commission (the “CNMC”) in light of the commitments required by the CNMC.
8
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
•In July 2023, the Company entered into exclusive discussions to sell its business in France, and, in connection with the anticipated sale, recognized a loss of $200.6 million during the third quarter of 2023. The sale was completed in October 2023.
Gains and losses related to these sales are included within “Income (loss) from discontinued operations” on the Consolidated Statements of Loss, and net cash proceeds are reflected within “Net proceeds from disposition of businesses and/or assets” in the investing activities section of the Consolidated Statements of Cash Flows.
The Company concluded that, in aggregate, the sales of these businesses met the criteria for discontinued operations presentation in the third quarter of 2023. As a result, each of these businesses has been reclassified to discontinued operations in these financial statements for all periods presented.
Assets and Liabilities of Discontinued Operations
As previously described, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for all periods presented. At September 30, 2024 and December 31, 2023, these balances consisted of assets and liabilities of the Company’s business in Spain, which were all classified as current as the sale of this business was expected to close in 2024. However, on October 28, 2024, the agreement was terminated, as previously described.
The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the current assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets:
(In thousands)
September 30,
2024
December 31,
2023
Assets of discontinued operations:
Cash and cash equivalents$909 $651 
Accounts receivable, net30,038 39,920 
Prepaid expenses and other current assets
13,089 12,668 
Property, plant and equipment, net
45,440 37,492 
Operating lease right-of-use assets40,668 35,609 
Other assets4,624 4,973 
Current assets of discontinued operations
$134,768 $131,313 
Liabilities of discontinued operations:
Accounts payable and accrued expenses
$29,470 $29,046 
Operating lease liabilities41,800 37,117 
Deferred revenue1,190 1,074 
Other liabilities
1,546 1,541 
Current liabilities of discontinued operations
$74,006 $68,778 
Letters of Credit, Surety Bonds and Guarantees
A portion of the Company’s letters of credit and guarantees outstanding at September 30, 2024 related to discontinued operations, as follows:
•Related to the former business in France, the Company has a $20.2 million letter of credit. In connection with the sale of this business, and pursuant to the related share purchase agreement, the Company’s former French business and/or the buyer will either replace, or procure a counter-guarantee of, the Company’s payment obligation under the letter of credit. Additionally, the Company retains an indemnity of $15.7 million related to a surety bond held by the former business in France. The Company has been indemnified by the former French business for this amount and will be released from any remaining obligation by March 2025.
•Related to the business in Spain, the Company had a $6.6 million letter of credit and $8.8 million of bank guarantees outstanding at September 30, 2024, a portion of which was supported by $0.7 million of cash collateral. On October 28, 2024, the agreement to sell the Company’s business in Spain was terminated, as previously described. The letter of credit and bank guarantees remain obligations of the Company.
9
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Income (Loss) from Discontinued Operations
Discontinued operations for the three and nine months ended September 30, 2024 consists of results from the Company’s business in Spain, whereas discontinued operations for the three and nine months ended September 30, 2023 consists of results from the Company’s business in Spain and former businesses in Switzerland (through March 31, 2023), Italy (through May 31, 2023) and France.
The following table provides details about the major classes of line items constituting “Income (loss) from discontinued operations” as presented on the Company’s Consolidated Statements of Loss:
Three Months EndedNine Months Ended
(In thousands)September 30,September 30,
 
2024
2023
2024
2023
Revenue$22,368 $85,680 $76,824 $300,114 
Expenses:
Direct operating expenses(1)
18,752 74,796 57,626 247,377 
Selling, general and administrative expenses(1)
2,756 19,389 9,103 68,685 
Depreciation and amortization— 348 — 15,739 
Other expense, net873 2,882 849 10,288 
Income (loss) from discontinued operations before net loss on disposal and/or classification as held for sale and income taxes(13)(11,735)9,246 (41,975)
Loss on disposal and/or classification as held for sale, net
— (200,636)— (93,132)
Income tax benefit (expense) attributable to discontinued operations(2)
— 635 — (17,219)
Income (loss) from discontinued operations, net of income taxes$(13)$(211,736)$9,246 $(152,326)
(1)Excludes depreciation and amortization.
(2)Income tax expense attributable to discontinued operations for the nine months ended September 30, 2023 was primarily driven by the sale of the Company’s former business in Switzerland.
Capital Expenditures of Discontinued Operations
The following table presents the capital expenditures for discontinued operations for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedNine Months Ended
(In thousands)September 30,September 30,
 2024202320242023
Capital expenditures(1)
$2,947 $4,764 $7,906 $16,129 
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $1.3 million and $3.5 million of accrued capital expenditures related to discontinued operations that remained unpaid as of September 30, 2024 and 2023, respectively.

10
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 – SEGMENT DATA
The Company has four reportable segments, which it believes best reflect how the Company is currently managed: America, Airports, Europe-North and Europe-South. The Company's remaining operations in Latin America and Singapore are disclosed as “Other.” As described in Note 2, the Company’s Europe-South segment met the criteria to be reported as discontinued operations during the third quarter of 2023. As such, results of this segment are excluded from the table below, which only reflects continuing operations, for all periods presented.
Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments.
The following table presents the Company’s reportable segment results for continuing operations for the three and nine months ended September 30, 2024 and 2023:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenue
America$292,821 $278,760 $832,805 $802,326 
Airports82,331 75,558 245,476 200,392 
Europe-North166,361 149,366 470,489 427,778 
Other17,475 23,102 50,511 64,530 
Total$558,988 $526,786 $1,599,281 $1,495,026 
Capital Expenditures(1)
America$13,406 $16,148 $35,679 $51,844 
Airports3,188 3,072 6,634 10,382 
Europe-North9,707 7,851 23,835 18,998 
Other1,123 1,577 3,217 4,534 
Corporate3,101 4,022 8,029 10,678 
Total$30,525 $32,670 $77,394 $96,436 
Segment Adjusted EBITDA
America$128,372 $121,335 $350,816 $332,213 
Airports16,925 15,522 55,089 38,120 
Europe-North28,314 28,444 75,288 61,850 
Other1,950 3,290 2,156 7,170 
Total$175,561 $168,591 $483,349 $439,353 
11
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes
Segment Adjusted EBITDA$175,561 $168,591 $483,349 $439,353 
Less reconciling items:
Corporate expenses(2)
40,948 34,931 125,778 129,427 
Depreciation and amortization57,582 57,699 165,755 186,409 
Impairment charges— — 18,073 — 
Restructuring and other costs(3)
1,019 265 2,541 825 
Other operating expense, net3,684 6,179 9,745 10,122 
Interest expense, net106,995 107,391 322,060 314,624 
(Gain) loss on extinguishment of debt— (3,817)4,787 (3,817)
Other (income) expense, net676 17,269 9,120 (3,722)
Loss from continuing operations before income taxes$(35,343)$(51,326)$(174,510)$(194,515)
(1)In addition to payments that occurred during the period for capital expenditures, the Company had $11.3 million and $8.7 million of accrued capital expenditures related to continuing operations that remained unpaid as of September 30, 2024 and 2023, respectively.
(2)Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal (including estimated costs for legal liabilities), finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses.
(3)The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item.

12
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 4 – REVENUE
The Company generates revenue primarily from the sale of advertising on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases for accounting purposes as the contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, while the Company’s remaining revenue transactions are accounted for as revenue from contracts with customers in accordance with ASC Topic 606.
Disaggregation of Revenue
The following table shows revenue from contracts with customers, revenue from leases and total revenue from continuing operations, disaggregated by geography, for the three and nine months ended September 30, 2024 and 2023:
(In thousands)Revenue from contracts with customersRevenue from leasesTotal revenue
Three Months Ended September 30, 2024
U.S.(1)
$213,837 $161,315 $375,152 
Europe(2)
163,374 2,987 166,361 
Other(3)
14,996 2,479 17,475 
     Total$392,207 $166,781 $558,988 
Three Months Ended September 30, 2023
U.S.(1)
$184,506 $169,812 $354,318 
Europe(2)
145,642 3,724 149,366 
Other(3)
17,892 5,210 23,102 
     Total$348,040 $178,746 $526,786 
Nine Months Ended September 30, 2024
U.S.(1)
$611,423 $466,858 $1,078,281 
Europe(2)
461,849 8,640 470,489 
Other(3)
42,993 7,518 50,511 
Total$1,116,265 $483,016 $1,599,281 
Nine Months Ended September 30, 2023
U.S.(1)
$520,754 $481,964 $1,002,718 
Europe(2)
419,253 8,525 427,778 
Other(3)
48,625 15,905 64,530 
Total$988,632 $506,394 $1,495,026 
(1)U.S. revenue, which also includes an immaterial amount of revenue derived from airport displays in the Caribbean, is comprised of revenue from the Company’s America and Airports segments.
(2)Europe revenue is comprised of revenue from the Company’s Europe-North segment.
(3)Other includes the Company’s businesses in Latin America and Singapore.
13
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Revenue from Contracts with Customers
The following table shows the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)
2024
2023
2024
2023
Accounts receivable, net of allowance, from contracts with customers:
  Beginning balance$321,715 $298,309 $361,039 $317,560 
  Ending balance335,699 304,620 335,699 304,620 
Deferred revenue from contracts with customers:
  Beginning balance$42,960 $40,947 $25,613 $23,596 
  Ending balance60,408 42,940 60,408 42,940 
During the three months ended September 30, 2024 and 2023, respectively, the Company recognized $33.1 million and $34.8 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarters. During the nine months ended September 30, 2024 and 2023, respectively, the Company recognized $23.1 million and $22.5 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective years.
The Company’s contracts with customers generally have terms of one year or less. As of September 30, 2024, the Company expected to recognize $83.7 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with the majority of this amount to be recognized over the next five years.
14
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5 – LONG-TERM DEBT
Long-term debt outstanding as of September 30, 2024 and December 31, 2023 consisted of the following:
(In thousands)
Maturity
September 30,
2024		December 31,
2023
Receivables-Based Credit Facility
August 2026$— $— 
Revolving Credit Facility(1)
August 2026— — 
Term Loan Facility(2)
August 2028425,000 1,260,000 
Clear Channel Outdoor Holdings 5.125% Senior Secured Notes
August 20271,250,000 1,250,000 
Clear Channel Outdoor Holdings 9.000% Senior Secured Notes
September 2028750,000 750,000 
Clear Channel Outdoor Holdings 7.875% Senior Secured Notes(2)
April 2030865,000 — 
Clear Channel Outdoor Holdings 7.750% Senior Notes
April 2028995,000 995,000 
Clear Channel Outdoor Holdings 7.500% Senior Notes
June 20291,040,000 1,040,000 
Clear Channel International B.V. 6.625% Senior Secured Notes(3)
August 2025— 375,000 
Clear Channel International B.V. Term Loan Facility(3)
April 2027375,000 — 
Finance leases
3,870 4,202 
Original issue discount(7,856)(2,690)
Long-term debt fees(38,623)(39,609)
Total debt5,657,391 5,631,903 
Less: Current portion
570 612 
Total long-term debt$5,656,821 $5,631,291 
(1)Effective August 23, 2024, the amount of revolving credit commitments available under the Revolving Credit Facility decreased from $150.0 million to $115.8 million, in accordance with the terms of the Senior Secured Credit Agreement and as described in the Company’s 2023 Annual Report on Form 10-K. These commitments will be available through August 23, 2026.
(2)On March 18, 2024, the Company issued $865.0 million aggregate principal amount of 7.875% Senior Secured Notes Due 2030 (the “CCOH 7.875% Senior Secured Notes”) and used a portion of the proceeds therefrom to prepay $835.0 million of borrowings outstanding under the Term Loan Facility. At the same time, the Company amended its Senior Secured Credit Agreement to, among other things, refinance the $425.0 million remaining principal balance on the Term Loan Facility and to extend its maturity date from 2026 to 2028, subject to certain conditions. The new refinanced term loans were issued at a 1% discount, and the Company used the proceeds therefrom, along with the remaining proceeds from the CCOH 7.875% Senior Secured Notes issuance and cash on hand, to pay off the original term loans, $14.9 million of accrued interest on the prepaid and refinanced Term Loan principal, and $15.4 million of fees and expenses related to these transactions. Related to these transactions, the Company recognized a loss on debt extinguishment of $2.4 million and debt modification expense of $10.0 million.
(3)On March 22, 2024, the Company’s indirect wholly-owned subsidiary, Clear Channel International B.V. (“CCIBV”), entered into a credit agreement comprising two tranches of term loans (the “CCIBV Term Loan Facility”) totaling an aggregate principal amount of $375.0 million, which was issued at a 1% discount. The Company used the proceeds therefrom, along with cash on hand, to redeem all of the outstanding $375.0 million aggregate principal amount of 6.625% Senior Secured Notes Due 2025 (the “CCIBV Senior Secured Notes”) and to pay $11.8 million of accrued interest related thereto and $5.1 million of related transaction fees and expenses. At September 30, 2024, the Company had an accrual of $0.8 million for unpaid fees and expenses. Related to this transaction, the Company recognized a loss on debt extinguishment of $2.4 million and debt modification expense of $2.0 million. As a result of this redemption, CCIBV and the guarantors of the CCIBV Senior Secured Notes have been released from their remaining obligations under the indenture governing such notes, and such indenture has ceased to be of further effect.
The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.5 billion and $5.3 billion as of September 30, 2024 and December 31, 2023, respectively. Under the fair value hierarchy established by ASC Section 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1.
As of September 30, 2024, the Company was in compliance with all covenants contained in its debt agreements.
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Amendment to Senior Secured Credit Facilities
On March 18, 2024, the Senior Secured Credit Agreement, which governs the Company’s Revolving Credit Facility and Term Loan Facility, was amended to, among other things, extend the maturity date of the Term Loan Facility to August 23, 2028, subject to certain conditions, and increase the Applicable Rate (as defined therein) for the Term Loan Facility by 50 basis points.
CCOH 7.875% Senior Secured Notes Due 2030
On March 18, 2024, the Company completed the sale of $865.0 million in aggregate principal amount of the CCOH 7.875% Senior Secured Notes. The CCOH 7.875% Senior Secured Notes were issued pursuant to an indenture, dated as of March 18, 2024 (the “CCOH 7.875% Senior Secured Notes Indenture”), among the Company, the subsidiaries of the Company acting as guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and as collateral agent.
The CCOH 7.875% Senior Secured Notes mature on April 1, 2030 and bear interest at a rate of 7.875% per annum. Interest on the CCOH 7.875% Senior Secured Notes is payable to the holders thereof semi-annually on April 1 and October 1 of each year, beginning October 1, 2024.
Guarantees and Security
The CCOH 7.875% Senior Secured Notes are guaranteed fully and unconditionally on a senior secured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries.
The CCOH 7.875% Senior Secured Notes and the guarantees thereof are secured on a first-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Senior Secured Credit Facilities, subject to certain exceptions, on a pari passu basis with the liens on such assets (other than the assets securing the Company’s Receivables-Based Credit Facility), and on a second-priority basis by security interests in all of the Company’s and the guarantors’ assets securing the Company’s Receivables-Based Credit Facility on a first-priority basis, in each case, other than any excluded assets and subject to intercreditor agreements.
The CCOH 7.875% Senior Secured Notes and the guarantees are general senior secured obligations of the Company and the guarantors thereof and rank pari passu in right of payment with the Company’s and the guarantors’ existing and future senior indebtedness.
Redemptions
The Company may redeem all or a portion of the CCOH 7.875% Senior Secured Notes at the redemption prices set forth in the CCOH 7.875% Senior Secured Notes Indenture.
Certain Covenants
The CCOH 7.875% Senior Secured Notes Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: incur or guarantee additional debt or issue certain preferred stock; redeem, purchase or retire subordinated debt; make certain investments; create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not guarantors of the debt; enter into certain transactions with affiliates; merge or consolidate with another person or sell or otherwise dispose of all or substantially all of the Company’s assets; sell certain assets, including capital stock of the Company’s subsidiaries; designate the Company’s subsidiaries as unrestricted subsidiaries; pay dividends, redeem or repurchase capital stock or make other restricted payments; and incur certain liens.
CCIBV Term Loan Facility Due 2027
On March 22, 2024, CCIBV entered into a credit agreement (the “CCIBV Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and J.P. Morgan SE, as lead arranger and bookrunner. The CCIBV Credit Agreement governs the CCIBV Term Loan Facility and the term loans incurred thereunder.
Size and Availability
The CCIBV Term Loan Facility is comprised of two tranches of term loans totaling an aggregate principal amount of $375.0 million: (1) a “fixed rate” tranche of term loans in an aggregate principal amount of $300.0 million (the “Fixed Rate Term Loan Tranche”); and (2) a “floating rate” tranche of term loans in an aggregate principal amount of $75.0 million (the “Floating Rate Term Loan Tranche”).
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CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Interest Rate
The CCIBV Term Loan Facility bears interest: (1) at a fixed rate of 7.5% per annum, payable semi-annually in arrears on April 1 and October 1 of each year for the Fixed Rate Term Loan Tranche and (2) at a floating rate equal to the benchmark rate “Term SOFR” plus 2.25% per annum (subject to a floor rate of 5.25% per annum), payable at one, three or six-month intervals, effective April 1, 2024 for the Floating Rate Term Loan Tranche.
Amortization and Maturity
The CCIBV Term Loan Facility matures on April 1, 2027 and has no scheduled amortization payments prior to this date.
Prepayments
The CCIBV Credit Agreement requires CCIBV to make certain mandatory prepayments, subject to certain requirements and exceptions, and permits CCIBV to make voluntary prepayments at its discretion. The Fixed Rate Term Loan Tranche and the Floating Rate Term Loan Tranche will participate in any voluntary or mandatory repayments or prepayments on a pro rata basis.
Guarantees and Security
The CCIBV Term Loan Facility is fully guaranteed by certain of CCIBV’s subsidiaries. The Company does not guarantee and has not otherwise assumed any liability under the CCIBV Term Loan Facility. The CCIBV Term Loan Facility and certain of the guarantees thereunder (the “Secured Guarantees”) are secured by security interests in, and pledges over, certain assets and property (including, without limitation, capital stock, material bank accounts and intercompany receivables) of or in CCIBV and its guarantors (the “Security Interests”), in each case subject to certain agreed security principles, permitted liens and other customary exceptions and qualifications.
The CCIBV Term Loan Facility is a senior secured obligation that ranks, in right of payment, pari passu to all unsubordinated indebtedness of CCIBV and senior to all subordinated indebtedness of CCIBV and ranks, in right of security, senior to all unsecured and junior lien indebtedness of CCIBV to the extent of the value of the assets that constitute collateral after giving effect to the Security Interests and the Secured Guarantees. The guarantees that are not Secured Guarantees are unsecured senior obligations that rank, in right of payment, pari passu to all unsubordinated indebtedness of the guarantors and senior to all subordinated indebtedness of the guarantors and rank, in right of security, junior to all secured indebtedness of the guarantors to the extent of the value of the assets securing such indebtedness and pari passu to all unsecured indebtedness of the guarantors.
Certain Covenants
The CCIBV Credit Agreement contains covenants that limit CCIBV’s ability and the ability of its restricted subsidiaries to, among other things (but subject to certain exceptions): pay dividends, redeem stock or make other distributions or investments; incur additional debt or issue certain preferred stock; transfer or sell assets; create liens on assets; engage in certain transactions with affiliates; create restrictions on dividends or other payments by the restricted subsidiaries; and merge, consolidate or effect other fundamental changes to CCIBV’s assets.
Letters of Credit, Surety Bonds and Guarantees
The Company has letters of credit, surety bonds and bank guarantees related to various operational matters, including insurance, bid, concession and performance bonds, as well as other items.
As of September 30, 2024, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $72.6 million of remaining excess availability, and $54.9 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $101.9 million of excess availability. Additionally, as of September 30, 2024, the Company had $43.1 million and $26.0 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $5.4 million of cash collateral.
A portion of these letters of credit and guarantees at September 30, 2024 related to discontinued operations that were sold or held for sale as of this date. Please refer to Note 2 for additional information.
17
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 6 – COMMITMENTS AND CONTINGENCIES
Legal Proceedings
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes, employment and benefits-related claims, land use and zoning disputes, governmental fines, intellectual property claims, personal injury claims and tax disputes.
NOTE 7 – INCOME TAXES
Income Tax Benefit Attributable to Continuing Operations
The Company’s income tax benefit attributable to continuing operations for the three and nine months ended September 30, 2024 and 2023 consisted of the following components:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Current tax expense attributable to continuing operations$(2,507)$(2,830)$(6,111)$(6,442)
Deferred tax benefit attributable to continuing operations6,307 3,074 12,102 18,464 
Income tax benefit attributable to continuing operations$3,800 $244 $5,991 $12,022 
The effective tax rates for continuing operations for the three and nine months ended September 30, 2024 were 10.8% and 3.4%, respectively, compared to 0.5% and 6.2% for the three and nine months ended September 30, 2023, respectively. The effective tax rates for each period were primarily impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods.
NOTE 8 – PROPERTY, PLANT AND EQUIPMENT
The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2024 and December 31, 2023:
(In thousands)September 30,
2024		December 31,
2023
Structures
$2,138,507 $2,157,237 
Furniture and other equipment236,468 229,514 
Land, buildings and improvements
142,562 143,300 
Construction in progress40,216 57,335 
Property, plant and equipment, gross2,557,753 2,587,386 
Less: Accumulated depreciation(1,919,073)(1,921,042)
Property, plant and equipment, net$638,680 $666,344 
During the nine months ended September 30, 2024, the Company acquired billboard structures of $1.1 million as part of asset acquisitions in America and $7.8 million of total property, plant and equipment as part of a business acquisition in Norway. Refer to Note 11 for more information on the business acquisition in Norway.
18
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
As a result of impairment tests performed in the second quarter of 2024, the Company reduced the carrying value of “Property, plant and equipment, net” by $8.1 million. Refer to Note 11 for more information.
NOTE 9 – INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of September 30, 2024 and December 31, 2023:
(In thousands)September 30, 2024December 31, 2023
 Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Permits(1)
$753,692 $(128,969)$746,126 $(80,439)
Transit, street furniture and other outdoor contractual rights360,024 (332,695)356,883 (325,357)
Permanent easements(1)
163,107 — 163,293 — 
Trademarks83,569 (45,453)83,569 (39,214)
Other1,031 (1,021)1,107 (1,094)
Total intangible assets$1,361,423 $(508,138)$1,350,978 $(446,104)
(1)During the nine months ended September 30, 2024, the Company acquired permits of $7.7 million and permanent easements of $0.2 million as part of asset acquisitions. The acquired permits have amortization periods ranging from 22 to 28 years.
Goodwill
The following table presents changes in the goodwill balance for the Company’s segments with goodwill during the nine months ended September 30, 2024:
(In thousands)AmericaAirportsEurope-NorthConsolidated
Balance as of December 31, 2023(1)
$482,937 $24,882 $148,744 $656,563 
Business acquisition(2)
— — 1,885 1,885 
Foreign currency impact— — 3,967 3,967 
Balance as of September 30, 2024$482,937 $24,882 $154,596 $662,415 
(1)The balance at December 31, 2023 is net of cumulative impairments of $2.6 billion for America, $79.4 million for Europe-North and $90.4 million for Other, which has been fully impaired.
(2)On August 19, 2024, the Company recognized $1.9 million of goodwill related to a business acquisition in Norway. Refer to Note 11 for more information.
Annual Impairment Tests
The Company performs its annual impairment tests for permanent easements and goodwill as of July 1 of each year, and more frequently as events or changes in circumstances warrant, as described in the Company's 2023 Annual Report on Form 10-K. No impairment was recognized during the nine months ended September 30, 2024 or 2023 as a result of these tests.
19
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 – NET LOSS PER SHARE
The following table presents the computation of net loss per share for the three and nine months ended September 30, 2024 and 2023:
(In thousands, except per share data)Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Numerators:
    
Loss from continuing operations$(31,543)$(51,082)$(168,519)$(182,493)
Less: Net income from continuing operations attributable to noncontrolling interests959 648 2,034 823 
Net loss from continuing operations attributable to the Company(32,502)(51,730)(170,553)(183,316)
Income (loss) from discontinued operations(13)(211,736)9,246 (152,326)
Less: Net income from discontinued operations attributable to noncontrolling interests25 24 70 57 
Net income (loss) from discontinued operations attributable to the Company(38)(211,760)9,176 (152,383)
Net loss attributable to the Company$(32,540)$(263,490)$(161,377)$(335,699)
Denominators:
    
Weighted average common shares outstanding – Basic488,947 482,945 487,155 481,289 
Weighted average common shares outstanding – Diluted488,947 482,945 487,155 481,289 
Net income (loss) attributable to the Company per share of common stock — Basic and Diluted:
    
Net loss from continuing operations attributable to the Company per share of common stock$(0.07)$(0.11)$(0.35)$(0.38)
Net income (loss) from discontinued operations attributable to the Company per share of common stock— (0.44)0.02 (0.32)
Net loss attributable to the Company per share of common stock — Basic and Diluted(1)
$(0.07)$(0.55)$(0.33)$(0.70)
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
Outstanding equity awards equivalent to 33.9 million and 29.2 million shares for the three months ended September 30, 2024 and 2023, respectively, and 30.1 million and 23.0 million shares for the nine months ended September 30, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.
20
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — OTHER INFORMATION
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows:
(In thousands)September 30,
2024		December 31,
2023
Cash and cash equivalents in the Balance Sheets$201,111 $251,652 
Cash and cash equivalents included in Current assets of discontinued operations
909 651 
Restricted cash included in:
  Other current assets2,928 3,051 
Current assets of discontinued operations
839 724 
  Other assets4,712 4,463 
Total cash, cash equivalents and restricted cash in the Statements of Cash Flows$210,499 $260,541 
Accounts Receivable
The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: